The City of Chula Vista and Chula Vista Housing Authority are seeking competitive proposals from qualified developers of affordable housing. Eligible applicants are all organizations that meet the threshold requirements established within this NOFA. The objective of this NOFA is to select one or more projects to award loan funds for the construction of multifamily affordable housing development. The total funding amount available through this NOFA is $4,000,000. The Low and Moderate Income Housing Asset Fund (“Low-Mod Fund”), administered by the Housing Authority in its capacity as the Housing Successor within the meaning of California Health and Safety Code 34176, is the source of $3,000,000 in funds. An additional $1,000,000 in Local Housing Trust Fund (“LHTF”) funds is also available, in connection with a successful matching grant award from the California Department of Housing and Community Development (“HCD”). Applicants may indicate whether they wish to receive an award from the Low-Mod Fund, the LHTF, or both. The requirements for each program are set forth below. After a project or projects are selected, City staff will bring a funding resolution to Council for consideration. The City and Housing Authority reserve the right to make a funding recommendation and award in an amount smaller than the amount requested. If Council approves the funding commitment, the City and/or Housing Authority and the successful developer(s) will enter into aloan agreement on or before June 30, 2026. On or before the close of construction, and after the conditions precedent to closing (identified in Attachment B) have been met, the City and/or Housing Authority and developer(s) will execute a promissory note, a deed of trust with security agreement, a regulatory agreement restricting the use of the property, and any other necessary related documents. The term of the loan and regulatory agreement shall be fifty-five (55) years. Funds committed shall be disbursed as reimbursements for expenses incurred. The City and/or Housing Authority may authorize all or a portion of funds to be issued as a site acquisition or pre-development loan.
